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This subject is concerned with the regulation of financial intermediaries, including financial product issuers, broker/dealers, fund managers, custodians, financial planners and investment advisers. Orthodox approaches to the regulation of financial intermediaries have been under significant challenge since the Global Financial Crisis, with more to come. The subject combines a thorough technical grounding in the current law governing the provision of financial services to retail and wholesale clients in Australia with broader perspective on likely future directions in financial services regulation. The lecturer is a former Australian Securities and Investments Commission (ASIC) Regional Commissioner and one of Australia’s leading experts in the areas of funds management law and financial services regulation
This subject examines the regulation of financial services providers and the legal dimensions of their relationship with their clients. In particular, it deals directly with relevant parts of Chapter 7 of the Corporations Act 2001 (Cth) and the general law relating to brokers, dealers and financial advisers. It also covers the related topic of financial product disclosure.
Principal topics include:
- Policy underpinning Chapter 7 of the Corporations Act 2001 (Cth)
- Theoretical and comparative approaches to regulating financial intermediaries
- The Australian Financial Services (AFS) licensing regime
- Financial services disclosure
- Statutory and general law duties of financial services providers
- Financial product disclosure
- Roles and powers of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA)
- The impact of new technologies in financial services: regulating for disruption.
Intended learning outcomes
A student who has successfully completed this subject will:
- Understand the legal and regulatory framework within which financial services providers operate
- Be able to locate and apply the key regulatory requirements relating to Australian financial services (AFS) licensing, financial services disclosure (including Financial Services Guides and Statements of Advice) and financial products disclosure (including Product Disclosure Statements)
- Have a highly developed understanding of the duties (including fiduciary duties) owed by financial services providers to their clients
- Understand the likely future direction of the financial services sector and its regulation
- Identify the strengths and weaknesses of different regulatory approaches to protecting the interests of consumers of financial services.
Last updated: 2 December 2019